Afya (AFYA) Investor Day 2026 summary

Strategy and operating performance

• Since the 2019 IPO, revenue rose from BRL 670m to BRL 3.8bn and adjusted EBITDA from BRL 0.3bn to BRL 1.7bn; medical seats grew from 1,222 to 3,768, and operations expanded from 7 to over 20 states.

• FY26 guidance: revenue of BRL 3.95–4.10bn and adjusted EBITDA of BRL 1.70–1.80bn; LTM 2Q26 adjusted EBITDA margin was 44.6%, up 10 bps.

• Strategy centers on an integrated health ecosystem spanning medical education, continuing education and digital solutions; the medical education core is fully occupied and generates dividends and buybacks.

• Nine institutions have CIIM academic accreditation, with a goal of extending it to all institutions; infrastructure investment exceeded BRL 100m in the past 12 months and reached BRL 205m over 18 months.

• AI First aims to personalize learning pathways and support lifelong learning; over 10,000 physicians have taken AI courses, and Whitebook had 109,000 AI users.

Yduqs combination and integration

• Pro forma combination: BRL 9.4bn revenue, BRL 3.6bn adjusted EBITDA, BRL 1.2bn FCFE, 925,600 undergraduate students, 5,900 medical seats and 37,800 medical students; footprint spans 26 states and 176 campuses.

• Estimated net synergies are BRL 2.0–2.2bn NPV, with ~80% expected within the first 3 years; levers include SG&A, operating efficiencies, IT and CapEx, net of integration costs and Pillar Two tax effects.

• CADE review is expected to take 9–11 months; the businesses remain independent until approval, and operational integration starts after closing. A clean team and integration office are preparing execution, with Virgílio Gibbon designated CEO.

• Yduqs adds 2,120 medical seats across 19 schools in 10 states; more than 66% of combined EBITDA is expected from premium segments, including IDOMED and IBMEC.

• Growth avenues include maturing medical seats, broader health programs, lifelong learning and medical-practice cross-selling, IBMEC expansion, and hybrid and digital education offerings.

Capital allocation and financial priorities

• FCFE grew at an 18.7% CAGR from 2021–2025; cumulative FCFE from 2021 to 1H26 was BRL 3.154bn, with 36% returned through dividends and buybacks.

• Acquisition history totals 22 deals and BRL 4.6bn; 11 graduation-system deals represented BRL 4.1bn and nearly 22,000 seats, at an average 4.6x EBITDA valuation.

• The Yduqs transaction is presented at 2.7x EV/EBITDA after synergies; combined net debt/EBITDA is 1.6x before and 1.2x after dividend distribution. A BRL 750m distribution mechanism includes a top-up if Yduqs FCFE falls short; the 69%–31% relationship is fixed.

• Capital allocation priorities include shareholder returns, selective M&A and organic CapEx for medical education capacity, technology and learning infrastructure.

• The combination expands mapped M&A opportunities from 89 companies and 12,000 medical seats to 135 companies and 21,000 seats, while retaining existing return thresholds.